Basic Accounting Software

[Ducky13]

Hi All,

I'm in the process of setting up an online business for creating mobile Apps. I have very limited knowledge on accounting & account book keeping, but obviously still need to do this. Could you please recommend a very basic & free accounting software? Also, is it possible to link accounting software to your bank account so that it automatically picks up expenses, inflows, outflows etc?

Thanks,
Ducky

 

[Scalloway]

Wave is a free online accounting service that accepts bank feeds.

https://support.waveapps.com/hc/en-us/articles/208624076-Connect-your-bank-account-to-Wave

 

[Paul Kelly ICHYB]

Have a look at Clear Books Micro - https://clearbooksmicro.co.uk/

 

[Ducky13]

Thanks guys! Do either of these assist in calculating the tax that I would need to pay to HMRC?

 

[Scalloway]

They will collate your income and expenses. You may need to do a certain amount of work to put it in a form acceptable to HMRC. Software is available to fill out your self assessment form.

https://www.gov.uk/software-tax-returns

 

[Ducky13]

Thanks Scalloway. By any chance is there a software that does all of what you mentioned. I.e., collates income & expenses, puts it in a form acceptable to HMRC & produces a self assessment form? Apologies if this is an ignorant question, but I am really out of my depth here.

 

[MyAccountantOnline]

Hi All,

I'm in the process of setting up an online business for creating mobile Apps. I have very limited knowledge on accounting & account book keeping, but obviously still need to do this. Could you please recommend a very basic & free accounting software? Also, is it possible to link accounting software to your bank account so that it automatically picks up expenses, inflows, outflows etc?

Thanks,
Ducky

@Ducky13 if you are going to look after your own accounts and tax do some research on Making Tax Digital (MTD) you may decide it's better to opt for some good paid for software at the onset which will deal with MTD.

 

[Scalloway]

Thanks Scalloway. By any chance is there a software that does all of what you mentioned. I.e., collates income & expenses, puts it in a form acceptable to HMRC & produces a self assessment form? Apologies if this is an ignorant question, but I am really out of my depth here.

No.

What you can do is set up your accounts so they fit neatly into HMRC's headings. If you are self employed and your turnover is £150,000 or less a year you can use the cash basis. That means you only need to enter income and expenses as they pass through your bank account.

https://www.gov.uk/simpler-income-tax-cash-basis/who-can-use-cash-basis

If your turnover is less than £85,000 then you only need enter total income and total expenditure on the tax return.